Defendant Name:
Franklin Advisers, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Franklin Resources Inc.
SIC Code:
6282
CUSIP:
35461310
Document Reference:
34-50841A
Document Details
Legal Case Name
In the Matter of Franklin Advisers, Inc. and Franklin/Templeton Distributors, Inc.
Document Name
Corrected Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Sections 9(b) and 9(f) of the Investment Company Act of 1940, and Section 15(b) of the Securities Exchange Act of 1934
Document Date
13-Dec-2004
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
The Commission stated: "Between 2001 and 2003, Franklin Templeton Investments (“Franklin” or “FT”), a global mutual fund complex, entered into inadequately disclosed agreements with 39 broker-dealer firms. . . . By engaging in the inadequately disclosed practice of using fund assets for shelf space, FA and FTDI violated the securities laws. FA and FTDI also violated the law by not ensuring that the commission payments for shelf space were assets of the specific fund promoted by the broker-dealer."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Independent Distribution Consultant Undertaking
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
Shared:
$1.00
Shared with: Franklin/Templeton Distributors, Inc.
Civil Penalty
Individual:
$10,000,000.00
Shared:
Other Defendants in Action:
